Note 9—Inventories


(In thousands)	November 23, 2012		February 29, 2012		November 25, 2011
Raw materials	$	18,803	$	17,565	$	16,912
Work in process		7,051		9,452		8,294
Finished products		302,101		242,767		251,213

		327,955		269,784		276,419
Less LIFO reserve		82,976		81,077		81,515

		244,979		188,707		194,904
Display materials and factory supplies		19,351		20,238		19,508

	$	264,330	$	208,945	$	214,412

The valuation of inventory under the Last-In, First-Out (“LIFO”) method is made at the end of each fiscal year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations, by necessity, are based on estimates of expected fiscal year-end inventory levels and costs, and are subject to final fiscal year-end LIFO inventory calculations.

Inventory held on location for retailers with scan-based trading arrangements, which is included in finished products, totaled $72.5 million, $52.0 million and $61.5 million as of November 23, 2012, February 29, 2012 and November 25, 2011, respectively.